Clean Harbors to Acquire EnviroServe for $470M, Expanding Environmental Services
CLH sits 56% above its 52-week low of $201.34.
Summary
Clean Harbors is acquiring EnviroServe for $470 million, adding a complementary environmental services platform. The deal follows the $225M Terra Nova acquisition in May and the $305M acquisition announced with Q2 results, signaling an active M&A strategy. At roughly 2.9% of market cap, the transaction is material but manageable. The acquisition broadens Clean Harbors' geographic reach and service capabilities in the growing environmental remediation market, and will expand its recycling and waste-management services. Clean Harbors sees $25M in cost synergies from the deal and expects EnviroServe to generate annual adjusted revenue of $250M. Integration execution and any financing details will be key to watch.
At the time of this announcement, CLH was trading at $314.51 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $16.4B. The 52-week trading range was $201.34 to $335.94. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.